Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA urges NCUA Allow fund prepays drop parachute ban
WASHINGTON (5/18/11)--The Credit Union National Association (CUNA) urged the National Credit Union Administration (NCUA) Tuesday to drop its proposed prohibition on golden parachute and indemnification payments--and to move forward to allow credit unions to prepay corporate stabilization fund assessments “without unfavorable accounting consequences.” The CUNA comments, in a letter sent to all three NCUA board members, were made in advance of a Thursday NCUA open board meeting at which both topics are set to be addressed. If adopted, the NCUA final rule on golden parachutes would implement a prohibition on certain arrangements and indemnification payments in certain circumstances. CUNA President/CEO Bill Cheney said the “golden parachute” rule proposed by the agency should not be adopted without major changes. CUNA is concerned by “the lack of agency substantiation for the proposal” and “the latitude the rule would seem to provide for examiners to challenge a credit union’s ‘good faith’ determination that indemnification should be provided.” On the other key topic, Cheney said that allowing voluntary prepayment of Corporate Credit Union Stabilization Fund assessments would “smooth out the expensing of corporate stabilization assessments as much as possible over the coming several years.”


RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
1 day ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
1 day ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
1 day ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
1 day ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
1 day ago